Chancellor hits out at offshore banks

The move is likely to anger those in the offshore jurisdictions, who felt that the UK government's decision to freeze the assets of Icelandic banks like Kaupthing Singer & Friedlander was a major factor in the collapse of the bank's Isle of Man operation. The Chancellor said that at times of stress people need to know who is compensated, but that the Crown Dependencies cannot expect the British taxpayer to pick up the tab. He also announced the introduction of a review into the offshore banking sector. Other measures in the PBR included a new 45p rate of income tax for those earning ove...